Company Performance - Phillips 66 reported a wider-than-expected loss for Q1, with an adjusted loss of 90 cents per share, missing the consensus estimate of a loss of 72 cents per share [2] - The company achieved quarterly revenue of $31.73 billion, surpassing the consensus of $31.33 billion [2] Stock Movements - Coursera, Inc. shares increased by 13% to $8.70 following better-than-expected quarterly results [8] - Baijiayun Group Ltd saw a significant surge of 65% to $0.3053 after announcing plans to invest tens of millions of dollars over the next five years for autism rehabilitation [8] - SES AI Corporation shares rose by 23% to $1.07 after reporting better-than-expected Q1 EPS results and authorizing a $30 million share repurchase program [8] - Saia, Inc. shares dropped by 30% to $249.41 due to weaker-than-expected quarterly results [8] - Coeptis Therapeutics Holdings, Inc. shares fell by 36% to $8.00 following the announcement of a merger agreement with Z Squared Inc. [8] - Lexaria Bioscience Corp. shares decreased by 20% to $1.34 after announcing a $2 million registered direct offering of common stock [8] Market Trends - In commodity news, oil prices increased by 0.3% to $62.97, while gold prices decreased by 1.7% to $3,291.10 [4] - Silver and copper also saw declines of 1.7% to $32.945 and 1% to $4.8085, respectively [4]

Financial Performance - Total revenues for 2025 reached $31,726 million, compared to $36,436 million in 2024, reflecting a decrease of approximately 12.5% year-over-year[2] - Net income attributable to Phillips 66 for 2025 was $487 million, down from $748 million in 2024, representing a decline of about 34.8%[4] - The company reported a basic earnings per share of $1.19 for the first quarter of 2025, compared to $1.74 in the same quarter of 2024, indicating a decrease of approximately 31.6%[3] - Adjusted net income for 2025 was $882 million, down from $1,176 million in 2024, indicating a decline of approximately 25.0%[7] - Adjusted Net Income attributable to Phillips 66 was a loss of $368 million in 2025, compared to a profit of $2,604 million in 2024[8] - The company reported a diluted loss per share of $0.90 in 2025, down from a profit of $6.15 in 2024[8] - Net income for 2025 1st quarter was $526 million, compared to $2,175 million year-to-date for 2024[17] - Net income for 2025 YTD reached $1,726 million, compared to $1,770 million for the same period in 2024, reflecting a decrease of 2.5%[29] - The company reported a total loss before income taxes of $937 million for 2025, compared to a loss of $365 million for the full year 2024[32] Operating Expenses - Operating expenses for 2025 totaled $1,622 million, an increase from $1,452 million in 2024, marking an increase of about 11.7%[2] - The company’s total costs and expenses for 2025 were $31,078 million, compared to $35,472 million in 2024, a decrease of about 12.5%[2] - Total operating and SG&A expenses for 2025 Q1 were $511 million, a slight increase from $568 million in 2024 Q4, showing a decrease of 10%[22] - Operating and SG&A expenses totaled $1,120 million in 2025, an increase from $991 million in 2024[33] Segment Performance - The refining segment reported a loss of $937 million in the first quarter of 2025, compared to a profit of $216 million in the second quarter of 2024[5] - Midstream income for 2025 was $751 million, up from $554 million in 2024, reflecting an increase of approximately 35.6%[5] - The Chemicals segment reported an Adjusted EBITDA of $1,348 million for 2025, with Q4 contributing $348 million[10] - The Refining segment experienced a loss of $966 million in Adjusted EBITDA for 2025, with Q1 showing a loss of $452 million[10] - Marketing and Specialties segment generated an Adjusted EBITDA of $1,824 million in 2025, with Q4 contributing $484 million[10] Capital Expenditures - Consolidated capital expenditures and investments for 2025 1st quarter totaled $423 million, with a year-to-date total of $1,859 million for 2024[20] - The company’s capital expenditures for growth in 2025 1st quarter were $229 million, while sustaining expenditures were $194 million[20] - Capital expenditures and investments for 2025 YTD totaled $1,617 million, a decrease from $1,646 million in 2024 YTD[29] Taxation - The effective tax rate for the first quarter of 2025 was 18.8%, consistent with the same rate in the first quarter of 2024[3] - The income tax expense for Q1 2025 is $122 million, with a total of $500 million for the full year 2024[60] - The adjusted effective tax rate for the full year 2024 is 20.5%, reflecting the overall tax strategy[60] Market Strategy - The company plans to focus on market expansion and new technology development to enhance future performance[6] - The company plans to enhance market expansion strategies and invest in new technologies to improve operational efficiency[39] Asset Dispositions - The company recognized impairments totaling $346 million in the Midstream segment for 2024[12] - The net gain on asset disposition in the Marketing and Specialties segment was $1,017 million in 2025[12] - The company reported a net gain on asset disposition of $(68) million in 2025 Q1, compared to $(238) million in 2024 Q3, indicating a reduction in losses[25] - The company recorded a net gain on asset disposition of $(1,085) million in Q1 2025, impacting overall financial performance[47] Market Conditions - The realized refining margin for the Atlantic Basin/Europe was $7.08 per barrel in 2025, down from $7.42 per barrel in 2024[32] - Worldwide refining margins averaged $6.81 per barrel in 2025, down from $8.84 per barrel in 2024[32] - The weighted-average NGL price in 2025 Q1 was $0.74 per gallon, up from $0.68 per gallon in 2024 Q4, indicating an increase of 8.8%[22] - Henry Hub natural gas price in 2025 Q1 was $4.27 per MMBtu, significantly higher than $2.24 per MMBtu in 2024 Q4, marking an increase of 90.5%[22] - WTI price in 2025 Q1 was $71.46 per BBL, a decrease from $75.83 per BBL in 2024 Q4, reflecting a decline of 5.0%[22] Debt and Equity - Total Debt as of Q1 2025 was $18,803 million, down from $20,154 million in Q4 2024[46] - Total Equity as of Q1 2025 was $28,353 million, a decrease from $30,794 million in Q4 2024[46] - Debt-to-Capital Ratio remained stable at 40% in Q1 2025[46] Special Items - Total special items (pre-tax) amounted to $1,064 million in 2025, compared to a loss of $710 million in 2024[12] - The special items impacted the income (loss) before income taxes significantly, with $(1,064) million in Q1 2025[60]

Core Viewpoint - Phillips66 reported a significant loss in Q1 2025, with adjusted earnings per share of -$0.90, exceeding analyst expectations of -$0.72, highlighting severe challenges in the refining sector [1] Financial Performance - The refining segment posted a net loss of $937 million, contrasting sharply with a profit of $216 million in the same period last year [1] - Refining profit margins plummeted by 38% year-over-year to $6.81 per barrel, while turnaround costs surged over twofold to $270 million [1] Operational Challenges - Seasonal maintenance led to a decline in capacity utilization from 92% in the previous year to 80% [1] - The CEO acknowledged that this was one of the largest spring maintenance periods in the company's history, indicating inevitable short-term performance pressure [2] Industry Context - Competitor Valero Energy also reported quarterly losses due to declining refining margins, reflecting a broader industry struggle [1] - Concerns are rising regarding potential tariffs and trade war escalations under the Trump administration, which could further suppress demand for gasoline and aviation fuels [1] Strategic Considerations - Following maintenance, the CEO expressed optimism for a rebound in profit margins [2] - The company is facing a board seat contest from activist investor Elliott Management, which advocates for the separation of refining and midstream operations to unlock value, while management emphasizes the risk mitigation benefits of a full value chain approach [2] - The traditional refining sector is grappling with dual challenges of short-term maintenance and cost inflation, alongside long-term pressures for low-carbon transitions and the search for new growth opportunities [2]

分组1 - Phillips 66 reported a quarterly loss of $0.90 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.77, and a significant decline from earnings of $1.90 per share a year ago, indicating an earnings surprise of -16.88% [1] - The company posted revenues of $31.73 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.49%, but down from $36.44 billion in the same quarter last year [2] - Over the last four quarters, Phillips 66 has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed, losing about 8.1% since the beginning of the year, compared to a decline of -6.8% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $2.15 on revenues of $31.81 billion, and for the current fiscal year, it is $4.80 on revenues of $125.7 billion [7] - The Zacks Industry Rank for Oil and Gas - Refining and Marketing is in the top 37% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

The upcoming report from Phillips 66 (PSX) is expected to reveal quarterly loss of $0.60 per share, indicating a decline of 131.6% compared to the year-ago period. Analysts forecast revenues of $30.65 billion, representing a decrease of 15.9% year over year. The consensus EPS estimate for the quarter has undergone an upward revision of 1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe ...

Core Viewpoint - Phillips 66 (PSX) is expected to report first-quarter 2025 earnings on April 25, with factors influencing performance including gasoline demand, refining margins, and crude oil prices [1][4][5]. Group 1: Previous Quarter Performance - In the last reported quarter, PSX had an adjusted loss of 15 cents per share, which was better than the Zacks Consensus Estimate of a loss of 20 cents, attributed to higher renewable fuel margins and reduced costs [2]. - PSX has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 12.95% [2]. Group 2: Earnings Estimates - The Zacks Consensus Estimate for first-quarter earnings per share is 42 cents, reflecting a decline of 77.9% from the same quarter last year [3]. - The estimated revenue for the first quarter is $30.67 billion, indicating a 15.8% decrease from the previous year [3]. Group 3: Market Factors - Demand for gasoline in the U.S. remained resilient, but global challenges such as regional supply imbalances and demand fluctuations may have impacted performance [4]. - A decline in refining margins, as indicated by EIA data showing softer gasoline and distillate crack spreads, could pressure PSX's refining business [5]. - The average spot price for West Texas Intermediate crude was $68.24 per barrel in March 2025, down from $81.28 in March 2024, which may affect revenues in PSX's Midstream and Marketing segments [6]. - Volatility in natural gas prices could squeeze margins if energy costs rise without sufficient pricing power in the downstream market [7]. Group 4: Earnings Whispers - Current analysis does not indicate an earnings beat for PSX, with an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [8].

Core Viewpoint - Elliott Investment Management is advocating for the reevaluation of Phillips 66's asset management to unlock their full value, emphasizing the need for strategic clarity regarding the company's operations and structure [1][6]. Group 1: Elliott's Campaign and Podcast - Elliott Investment Management has launched the "Streamline 66" campaign, which includes a podcast series featuring discussions with director nominees and industry experts [1][2]. - The latest podcast episode features Sigmund Cornelius, former CFO of ConocoPhillips, who highlights his experience in enhancing shareholder value through divestiture and simplification [2]. Group 2: Proxy Solicitation and Board Nominees - Elliott has filed a definitive proxy statement with the SEC to solicit votes for its four director nominees for the Phillips 66 Board, aiming to influence the company's strategic direction [4]. - Stockholders are encouraged to review the proxy materials for important information regarding the election and the nominees [4]. Group 3: Company Asset Evaluation - There is a belief that Phillips 66 possesses valuable assets that are currently underappreciated due to the market's confusion over the company's identity as a refining, marketing, or midstream entity [6]. - The historical context of splitting ConocoPhillips is referenced as a precedent for potentially separating Phillips 66's operations to better allocate capital and enhance valuation [6].

Core Insights - Elliott Investment Management is actively engaging with Phillips 66, aiming to unlock significant value for shareholders through a proxy solicitation for board nominations [1][3][4] - The latest podcast episode features discussions on the company's financial performance and strategic direction, emphasizing the need for long-term solutions rather than short-term fixes [2][5] Group 1: Elliott's Engagement Strategy - Elliott has filed a definitive proxy statement with the SEC to solicit votes for its slate of director candidates at the upcoming Annual Meeting of Phillips 66 [3] - The campaign, referred to as "Streamline 66," aims to highlight the qualifications of Elliott's director nominees and their vision for the company [1][2] Group 2: Financial Performance and Strategic Concerns - Elliott's representatives argue that if synergies within Phillips 66's businesses were effective, they would be reflected in the company's financial statements, suggesting current underperformance [5] - The company is perceived to be shifting focus towards midstream operations, which Elliott critiques as a strategy that may not resolve underlying refining issues [5]

Third-Party Findings Are Based on Feedback From Phillips 66 Investors Representing More Than 60% of the Company's Institutional Shares Outstanding Shareholders Do Not Believe the Company's Strategy or Conglomerate Structure Make Sense WEST PALM BEACH, Fla., April 16, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released findings from a recent Elliott-commissio ...

Core Insights - Elliott Investment Management is a top five shareholder in Phillips 66 and is actively campaigning for board changes to enhance corporate governance and value creation [1][4] - The latest podcast episode features Stacy Nieuwoudt, a seasoned energy analyst, discussing the importance of an investor mindset in boardroom decisions [2] Company Overview - Phillips 66 is recognized as a company with strong assets, and there is a belief that restructuring could unlock additional value and improve operational efficiency [5] - The company is positioned in the energy sector, which is currently focused on optimizing core business operations and capital allocation [5] Industry Perspective - The energy investment landscape is shifting towards pure play companies that prioritize efficiency and effective capital management [5] - There is a noted disconnect between management perspectives on stock valuation and investor expectations, highlighting the need for better alignment in corporate strategy [5]